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Techno Tomorrow Date: 10/09/2018 INDEX NIFTY OUTLOOK:
The day was largely dominated by the bears, with the benchmarks seeing selling right from the first minute. Along with it, rupee’s weakness ahead added to its woes. The Nifty gave up 11,450-mark. The price action for the week, formed a Bear candle with a long lower shadow, describing profit booking at higher levels as the index reacted from upper band of the rising channel after eight weeks rally, while long lower shadow highlights supportive efforts near 11400 levels. Going forward, we expect the Nifty to consolidate in a broad range of 11760-11393 amid stock specific action. Last week’s panic low of 11393 is likely to act as immediate support as it is at the confluence of: lower band of rising channel (blue) at 11390 and 38.2% Fibonacci retracement of recent rally at 11396.
SCRIPT
LEVEL
TARGET
STOPLOSS
NIITTECH FUT BUY ABOVE
1400
1420
1380
SCRIPT
LEVEL
TARGET
STOPLOSS
328
318
338
SCRIPT
LEVEL
TARGET
STOPLOSS
BAJFIN FUT SELL BELOW
2600
2530
2670
SCRIPT
LEVEL
TARGET
HAVELLS FUT SELL BELOW
646
UJJIVAN FUT SELL BELOW
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STOPLOSS
634
660 530